1776 Wealth LLC Increases Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

1776 Wealth LLC lifted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 1.6% during the 3rd quarter, Holdings Channel reports. The firm owned 3,888 shares of the semiconductor company’s stock after buying an additional 60 shares during the period. Synopsys makes up about 0.9% of 1776 Wealth LLC’s holdings, making the stock its 23rd biggest position. 1776 Wealth LLC’s holdings in Synopsys were worth $1,969,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. ORG Partners LLC grew its position in shares of Synopsys by 600.0% during the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock worth $25,000 after buying an additional 36 shares in the last quarter. Chris Bulman Inc acquired a new stake in shares of Synopsys in the 2nd quarter valued at $30,000. Pacifica Partners Inc. purchased a new position in Synopsys in the third quarter valued at $25,000. Tsfg LLC increased its holdings in shares of Synopsys by 75.0% in the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 24 shares during the last quarter. Finally, Fortitude Family Office LLC raised its position in shares of Synopsys by 66.7% during the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 24 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Berenberg Bank began coverage on shares of Synopsys in a report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 target price for the company. Piper Sandler dropped their price target on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Robert W. Baird increased their price objective on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $635.00 target price on shares of Synopsys in a report on Friday, August 23rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $649.82.

Synopsys Stock Performance

SNPS traded down $27.56 on Friday, hitting $520.75. 1,025,738 shares of the company were exchanged, compared to its average volume of 1,060,179. The business’s fifty day moving average is $514.14 and its 200 day moving average is $545.25. The firm has a market capitalization of $79.99 billion, a P/E ratio of 54.02, a price-to-earnings-growth ratio of 3.40 and a beta of 1.08. Synopsys, Inc. has a fifty-two week low of $457.52 and a fifty-two week high of $629.38.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, beating the consensus estimate of $3.28 by $0.15. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The company’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.17 earnings per share. Analysts forecast that Synopsys, Inc. will post 9.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Sassine Ghazi sold 10,293 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the completion of the sale, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at $34,655,789.52. The trade was a 14.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.66% of the company’s stock.

Synopsys Company Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.